With the new year comes new beginnings … such as the start of a new tax year. And with a new tax year comes new opportunities to plan ahead for the income and expenses that will be reported on your tax return for the year. Since even a modest level of tax planning can save you money, this is an opportunity you don’t want to miss. And there’s no better place to start this year’s tax planning than with the federal income tax brackets and rates for 2024.
Each year the IRS adjusts the federal tax brackets to account for inflation. As a result, the bracket you’re in and the tax rate you pay for the 2024 tax year might be different from your 2023 bracket or rate. That’s why smart taxpayers will want to familiarize themselves with the 2024 tax brackets and rates now—before jumping into more in-depth tax planning.
So, if you’re ready to start your 2024 tax planning, check out the rates and new tax brackets below. It will be your first step toward a lower tax bill for the 2024 tax year.
Related: Higher Standard Deduction Amounts for 2024
Federal Income Tax Rates for 2024
The federal tax rates themselves haven’t changed for the 2024 tax year. For both 2023 and 2024, the seven federal tax rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. They’re not impacted by inflation from one year to the next.
However, nothing stays the same forever. Most of these tax rates are scheduled to rise starting with the 2026 tax year. That’s because the federal tax rates were lowered by the Tax Cuts and Jobs Act beginning with the 2018 tax year—but the rate reduction is only temporary.
Once the temporary reduction expires, the seven federal income tax rates will be 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%.
The upcoming rate change isn’t set in stone, though. The scheduled rate hike could be delayed, moved up, or even repealed before 2026. However, we probably won’t have any clarity on potential changes until after the federal elections in November. At that point, we’ll know which political parties will control the White House and Congress starting in 2025 and have more information about their tax policy plans.
Related: States That Tax Social Security Benefits
Federal Income Tax Brackets for 2024
The federal income tax brackets for 2024 are in the tables below. Which table to use depends on your likely filing status for the 2024 tax year (i.e., single, married filing separately, married filing jointly, surviving spouse, or head of household).
The tables provide the tax rate, taxable income range, and tax calculation instructions for each tax bracket. So, once you determine your expected 2024 filing status and taxable income, you can predict the tax bracket you’ll be in—and highest tax rate you’ll pay.
[For the 2023 tax brackets, see Federal Tax Brackets and Rates for 2023.]
2024 Tax Brackets for Single Filers
| Tax Rate | Taxable Income Range | Tax Calculation |
|---|---|---|
| 10% | $0 to $11,600 | 10% of taxable income |
| 12% | $11,601 to $47,150 | $1,160 plus 12% of amount over $11,600 |
| 22% | $47,151 to $100,525 | $5,426 plus 22% of amount over $47,150 |
| 24% | $100,526 to $191,950 | $17,168.50 plus 24% of amount over $100,525 |
| 32% | $191,951 to $243,725 | $39,110.50 plus 32% of amount over $191,150 |
| 35% | $243,726 to $609,350 | $55678.50 plus 35% of amount over $243,725 |
| 37% | $609,351 or more | $183,647.25 plus 37% of amount over $609,350 |
2024 Tax Brackets for Married Couples Filing Jointly and Surviving Spouses
| Tax Rate | Taxable Income Range | Tax Calculation |
|---|---|---|
| 10% | $0 to $23,200 | 10% of taxable income |
| 12% | $23,201 to $94,300 | $2,320 plus 12% of amount over $23,200 |
| 22% | $94,301 to $201,050 | $10,852 plus 22% of amount over $94,300 |
| 24% | $201,051 to $383,900 | $34,337 plus 24% of amount over $201,050 |
| 32% | $383,901 to $487,450 | $78,221 plus 32% of amount over $383,900 |
| 35% | $487,451 to $731,200 | $111,357 plus 35% of amount over $487,450 |
| 37% | $731,201 or more | $196,669.50 plus 37% of amount over $731,200 |
2024 Tax Brackets for Married Couples Filing Separately
| Tax Rate | Taxable Income Range | Tax Calculation |
|---|---|---|
| 10% | $0 to $11,600 | 10% of taxable income |
| 12% | $11,601 to $47,150 | $1,160 plus 12% of amount over $11,600 |
| 22% | $47,151 to $100,525 | $5,426 plus 22% of amount over $47,150 |
| 24% | $100,526 to $191,950 | $17,168.50 plus 24% of amount over $100,525 |
| 32% | $191,951 to $243,725 | $39,110.50 plus 32% of amount over $191,150 |
| 35% | $243,726 to $365,600 | $55,678.50 plus 35% of amount over $243,725 |
| 37% | $365,601 or more | $98,334.75 plus 37% of amount over $365,600 |
2024 Tax Brackets for Head-of-Household Filers
| Tax Rate | Taxable Income Range | Tax Calculation |
|---|---|---|
| 10% | $0 to $16,550 | 10% of taxable income |
| 12% | $16,551 to $63,100 | $1,655 plus 12% of amount over $16,550 |
| 22% | $63,101 to $100,500 | $7,241 plus 22% of amount over $63,100 |
| 24% | $100,501 to $191,950 | $15,469 plus 24% of amount over $100,500 |
| 32% | $191,951 to $243,700 | $37,417 plus 32% of amount over $191,150 |
| 35% | $243,701 to $609,350 | $53,977 plus 35% of amount over $243,700 |
| 37% | $609,351 or more | $181,954.50 plus 37% of amount over $609,350 |
Related: Child Tax Credit FAQs [What Every Parent Needs to Know]
Inflation Adjustments for the 2024 Tax Brackets
Inflation adjustments increase both the “floor” and “ceiling” of each tax bracket. They also expand the “width” of each bracket’s taxable income range (i.e., the gap between the bracket’s lower and upper income thresholds).
For instance, the 22% tax bracket for single filers applies to $50,650 of income for the 2023 tax year (i.e., income from $44,726 to $95,375), but it applies to $53,575 of income for 2024 (i.e., income from $47,151 to $100,525). That’s an increase of about 5.4% to the bracket’s width from 2023 to 2024. (The bracket ranges increased 7.1% from 2022 to 2023.)
The annual adjustments for inflation help prevent “bracket creep,” which is when you find yourself in a higher tax bracket from one year to the next if your income grows. The greater the change in the brackets’ width, the less likely it is that you’ll move up to a higher bracket.
For example, if Nicholas, who is a single filer, sees his taxable income grow from $95,000 to $100,000 from 2023 to 2024, he’s still going to be in the 22% bracket when he completes his 2024 tax return. However, if the bracket’s width had increased by a more modest amount for 2024—say, by 4.5%—then Nicholas would find himself in the 24% bracket, which would apply to single filers once 2024 income exceeds about $99,675.
A smaller increase to the brackets’ width can also push you down to a lower tax bracket.
For instance, if Harper’s income rises from $45,000 to $47,000 from 2023 to 2024, she would drop from the 22% bracket for singles for 2023 to the 12% bracket for 2024. But if the 22% bracket’s width had increased by only 5% for 2024, then Harper would remain in the 22% bracket for 2024, which would likely kick in around the $46,975 mark.
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